北京市环球（深圳）律师事务所 关于 之 法律意见书 北京市环球（深圳）律师事务所 关于 祥鑫科技股份有限公司 2024 年年度股东大会 祥鑫科技股份有限公司 2024 年年度股东大会 之 法律意见书 GLO2025SZ（法）字第 0567 号 致：祥鑫科技股份有限公司 北京市环球（深圳）律师事务所（下称"本所"）受祥鑫科技股份有限公司 （下称"公司"）的委托，根据《中华人民共和国公司法》（下称"《公司法》"）、 《上市公司股东会规则》（下称"《股东会规则》"）等法律、法规、规章及《祥 鑫科技股份有限公司章程》（下称"《公司章程》"）的有关规定，指派律师列 席公司 2024 年年度股东大会（下称"本次股东大会"或"本次会议"），并就 本次股东大会有关事宜发表法律意见。 本法律意见书仅就本次股东大会的召集和召开程序、出席本次股东大会人员 的资格、召集人资格、会议表决程序是否符合中国相关法律、法规及《公司章程》 的规定以及表决结果是否合法有效发表意见，并不对本次股东大会所审议的议案 内容以及该等议案所表述的相关事实或数据的真实性、准确性或合法性发表意见。 本法律意见书仅供见证本次股东大会相关事项合法性之目的而使用， ...

本周(5月5日至5月9日)A股大盘显著回暖，上证指数全周上涨1.92%，收于3342点；深证成指周内上涨 2.29%，创业板指上涨3.27%。 从机构调研动向来看，本周机构调研集中度有所下滑，但调研热情不减。截至5月9日，共有452家上市 公司披露投资者调研记录。市场暖意明显，超九成机构调研公司实现正收益，其中润贝航科（001316） 本周实现4连板，涨幅为31.17%；九菱科技、*ST金刚（300093）涨幅也超20%；万向钱潮 （000559）、山东章鼓（002598）等公司也两连板。 热门调研标的方面，祥鑫科技（002965）、兴业银锡（000426）、宏华数科、容百科技等4家公司接受 百家以上机构调研，稳健医疗（300888）、赛意信息（300687）、ST华通（002602）、翔宇医疗等14 家公司接受超50家机构调研。 祥鑫科技本周接受173家机构调研，其中不乏博时基金、德邦基金、海通证券、南方基金、中银基金等 知名券商与公募。祥鑫科技主要从事精密冲压模具和金属结构件的研发、生产和销售，其产品广泛应用 于汽车、通信设备、电子电器等领域。在调研中，机构普遍关注祥鑫科技在人形机器人领域的布局情 况。 ...

金属结构件细分领域众多，特别是汽车零部件，不同公司主营业务 产品结构并不一致，公司主营业务包括了汽车模具、汽车车身结构件、 动力电池箱体、光伏储能设备、通信服务器等产品。 就汽车领域，2024 年中国汽车行业保持高质量发展，汽车产销分别完成 3,128.2 万辆和 3,143.6 万辆，同比增长 3.7%和 4.5%，连续两年突破 3,000 万辆大关， 新能源汽车表现尤为亮眼，市场渗透率超过 40%，标志着产业进入规模 化发展新阶段。公司 2024 年汽车零部件全年营收 50.02 亿元，占比 74.18%，同比增长 12.86%。其次是，2024 年中国汽车出口量达到 585.9 万辆，同比增长 19.3%，汽车出口再创新高。2024 年公司海外市场营收 6.29 亿元，同比增长 12.89%，墨西哥子公司营收高速增长，全球化布局 成效初显。 2024 年全国光伏新增装机 2.78 亿千瓦，同比增长 28%，其 中集中式光伏 1.59 亿千瓦，分布式光伏 1.18 亿千瓦。2024 年公司光储 设备营收 12.17 亿元，占比 18.04%，同比增长 123%，成为第二大增长 引擎。通信及服务器等产品的营 ...

祥鑫科技 20250506 摘要 • 公司 2024 年营收达 67.34 亿元，零部件业务占比 74%，光储产品营收 同比增长 123%，海外市场营收增长 12.89%，全球化布局初见成效，但 归母净利润率仅为 5.34%。 • 2025 年一季度营收 16.36 亿元，扣非净利润 8,279 万元，净利润率 5.06%。研发费用同比增长 27.33%，受客户年度降价影响，毛利率有所 下降，但扣非净利润率环比四季度有所提高。 • 公司战略重点是加快全球化布局，提高海外收入占比，泰国工厂建设提速， 并计划在欧洲或北非建厂，目标客户包括斯蒂兰特斯、雷诺、丰田、大众 等国际车企。 • 2024 年主要客户包括广汽集团、宁德时代、吉利汽车和亿纬锂能，光储 产品主要客户为华为。预计 2025 年汽车座椅骨架类产品和光储类产品将 有较大幅度增长，全年收入目标为 80 亿。 • 公司预计 2025 年整体利润率目标为 5%，已考虑客户年度降价因素。燃 油车客户收入增速较快，因汽车座椅骨架类项目上量，新能源车增速预计 后续加快。 Q&A 祥鑫科技 2024 年的业绩表现如何？ 祥鑫科技 2024 年实现营收 67.44 亿 ...

Financial Performance - In 2024, the company achieved a revenue of 6.744 billion CNY, representing a year-on-year growth of 18.25%, marking the fourth consecutive year of double-digit growth [1] - The net profit attributable to shareholders was 359 million CNY, with a net profit margin of 5.34% [1] - Revenue from the automotive parts segment was 5.002 billion CNY, accounting for 74.18% of total revenue, with a year-on-year increase of 12.86% [1] - Revenue from energy storage equipment reached 1.217 billion CNY, making up 18.04% of total revenue, with a significant year-on-year growth of 123% [1] - The company reported a revenue of 1.636 billion CNY in Q1 2025, with a net profit of 82.79 million CNY and a net profit margin of 5.06% [1] Strategic Development - The company aims to accelerate global expansion, targeting increased overseas revenue share [2] - Plans are in place to expedite the construction of a factory in Thailand to cover the Southeast Asian market for new energy vehicles and energy storage [2] - The company intends to establish a factory in Europe or North Africa to serve the European new energy vehicle market, with initial projects already received from international automakers [2] - The company is focusing on three key areas for high-quality development: smart robotics, low-altitude economy, and liquid cooling solutions [2] Product and Market Outlook - The company anticipates further revenue growth in automotive seating and energy storage products [4] - There is an ongoing effort to expand the customer base and increase market penetration, particularly among small and medium-sized clients [5] - The company is addressing potential revenue declines by actively seeking high-quality domestic and international business opportunities and optimizing product structure [5] Customer Base and Partnerships - Major automotive clients include mainstream manufacturers such as GAC Group, Geely, BYD, and NIO [3] - The company has established strategic partnerships in the low-altitude economy sector and is developing solutions for humanoid robots [6][7] - The company is in communication with various clients in the robotics sector, focusing on tailored solutions [9] Technological Innovations - The company is advancing its liquid cooling technology, which significantly enhances safety in electric vehicles [12] - The new cooling technology is expected to be applied across various sectors, including new energy vehicles, energy storage, and computing servers [12]

华西证券表示，国内汽车零部件企业的成本优势仍然明显，国产化及零部件出口机遇仍然明显，同时受 益消费升级，电动化、智能化、舒适化，高端化的汽车零部件产品在国内需求将会放量，也带来了国内 零部件企业的战略性机遇。 汽车零部件ETF（562700）跟踪中证汽车零部件主题指数（931230.CSI），为投资者一键布局汽车零部 件龙头企业，选取100只业务涉及汽车系统部件、汽车内饰与外饰、汽车电子、轮胎等领域的上市公司 证券作为指数样本，反映汽车零部件主题上市公司证券的整体表现。 消息面上，特朗普4月29日签署公告，允许对进口汽车零部件、在美国组装汽车的汽车生产商进行一定 程度的补偿。根据公告，这一补偿用于抵消美国组装的汽车零部件的部分关税，补偿金额最高可达汽车 零售价格的3.75%，这一补偿上限在第二年将降至汽车零售价格的2.5%。 此外，"智驾+机器人"也为零部件企业打开了新增量空间。人形机器人与智能汽车在软硬件领域具备较 多的共通点，汽车零部件公司纷纷加大机器人布局，人形机器人有望打开汽车零部件天花板。 4月30日，在消息面催化下，汽车零部件板块强势拉升，截至14点00分，汽车零部件ETF（562700）涨 幅2 ...

Group 1 - The board of directors, supervisory board, and senior management guarantee the authenticity, accuracy, and completeness of the quarterly report, and they bear individual and joint legal responsibilities [2] - The company confirms that there are no adjustments or restatements required for previous accounting data [3] - The company does not have any non-recurring gains or losses applicable during the reporting period [3][4] Group 2 - The company has completed the third unlock condition of the 2021 restricted stock incentive plan, with 713,100 shares becoming tradable and 69,900 shares being repurchased and canceled [5] - The first quarter report has not been audited [8]

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 4307.13万股，累计占流通股比： 28.08%，较上期变化： 548.27万股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 陈荣 | 955.00 | 6.23 | 不变 | | 谢祥娃 | 732.50 | 4.78 | 不变 | | 鹏华碳中和主题混合A | 663.39 | 4.32 | 新进 | | 广州工控创业投资基金管理有限公司-广州工控新兴产业投 | | | | | 资基金合伙企业(有限合伙) | 445.24 | 2.90 | 不变 | | 香港中央结算有限公司 | 364.78 | 2.38 | 新进 | | 张建成 | 281.00 | 1.83 | 新进 | | 东莞市昌辉股权投资企业(有限合伙) | 234.98 | 1.53 | 不变 | | 东莞市崇辉股权投资企业(有限合伙) | 217.45 | 1.42 | -31.00 | | 前海开源嘉鑫混合A | 216.15 | 1.41 | 新进 | ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,636,288,764.59, representing a 4.13% increase compared to ¥1,571,388,228.30 in the same period last year[4]. - Net profit attributable to shareholders decreased by 29.15% to ¥85,902,900.27 from ¥121,242,623.69 year-on-year[4]. - The net profit after deducting non-recurring gains and losses was ¥82,791,874.86, reflecting a 29.95% decrease from ¥118,181,762.00 in the previous year[4]. - Net profit for the current period was ¥86,995,606.85, a decrease of 28.6% from ¥121,830,389.96 in the previous period[18]. - Earnings per share (EPS) for the current period was ¥0.4207, down from ¥0.6802 in the previous period, indicating a decline of 38.2%[19]. Cash Flow - The net cash flow from operating activities improved significantly, reaching ¥82,148,869.77, compared to a negative cash flow of ¥89,813,517.47 in the previous year, marking a 191.47% increase[4]. - Operating cash flow for the current period is ¥82,148,869.77, a significant improvement from the previous period's negative cash flow of -¥89,813,517.47[20]. - Total cash inflow from investment activities is ¥1,170,080,390.13, compared to ¥424,965,871.67 in the previous period, indicating a substantial increase[21]. - Net cash flow from investment activities is ¥252,632,515.23, up from ¥67,525,209.69 in the previous period, reflecting strong investment returns[21]. - Cash flow from financing activities shows a net outflow of -¥80,591,995.58, a decline from a net inflow of ¥10,144,350.03 in the previous period[21]. Assets and Liabilities - Total assets at the end of Q1 2025 were ¥7,924,752,577.67, a 1.14% increase from ¥7,835,416,065.00 at the end of the previous year[4]. - Total assets reached ¥7,924,752,577.67, up from ¥7,835,416,065.00, indicating an increase of about 1.1%[15]. - The total liabilities amounted to ¥3,634,607,484.50, slightly up from ¥3,633,786,757.46, showing a marginal increase[17]. - The company's financial liabilities included a lease liability of ¥75,587,956.06, down from ¥86,684,985.59, reflecting a decrease of 12.8%[17]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 31,180[11]. - The largest shareholder, Chen Rong, holds 18.71% of shares, totaling 38,200,000 shares[11]. - The total number of preferred shareholders is not applicable for this reporting period[12]. - The company has no significant changes in the top 10 shareholders' participation in margin trading and securities lending[12]. Expenses - Total operating costs amounted to ¥1,548,708,130.41, up from ¥1,440,882,094.70, reflecting a year-over-year increase of 7.5%[17]. - Research and development expenses rose to ¥63,257,530.55, compared to ¥49,678,720.92 in the previous period, marking a significant increase of 27.3%[18]. - The company reported a 33.96% increase in selling expenses, totaling ¥8,865,586.76, attributed to expansion and increased personnel costs[9]. Inventory and Receivables - Accounts receivable decreased from ¥1,668,162,425.36 to ¥1,463,162,575.37, a decline of about 12.3%[14]. - Inventory increased to ¥1,986,121,182.82 from ¥1,896,442,634.67, reflecting a rise of approximately 4.7%[15]. Other Financial Metrics - The company's weighted average return on equity decreased to 2.02% from 3.82% year-on-year, a decline of 1.80%[4]. - Significant changes in financial assets included a 39.41% decrease in trading financial assets, down to ¥425,852,653.29 due to reduced investments in bank wealth management products[9]. - The company has a total of 713,100 restricted stock units that have met the release conditions and are now tradable[12]. - The company reported a decrease in other comprehensive income, with a net amount of ¥1,438,955.00 compared to ¥2,968,898.27 in the previous period, a decline of 51.6%[18]. - The company's cash and cash equivalents increased to ¥1,211,518,109.44 from ¥945,281,772.80, representing a growth of approximately 28.2%[14]. - Short-term borrowings decreased significantly from ¥129,085,911.10 to ¥66,000,394.52, a reduction of approximately 48.7%[15]. Accounting Standards - The company has not yet adopted the new accounting standards as of the first quarter report[22].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is expected to achieve a revenue of 6.744 billion RMB in 2024, representing an 18.25% year-on-year increase, while the net profit attributable to the parent company is projected to be 359 million RMB, a decrease of 11.63% year-on-year [1][5] - The energy storage business is benefiting from rapid growth in downstream demand, with a revenue increase of 123% year-on-year to 1.217 billion RMB in 2024, supported by major client contracts [3] - The company is expanding into the humanoid robot sector, which is anticipated to provide significant growth opportunities [4] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.866 billion RMB, with a quarter-on-quarter increase of 8.24% [2] - The gross profit margin for Q4 2024 was 14.72%, reflecting an improvement due to increased operational efficiency [2] - The company expects net profits of 456 million RMB and 534 million RMB for 2025 and 2026, respectively, with a new forecast for 2027 at 700 million RMB [5] Business Segments - The energy storage segment is projected to continue its strong growth trajectory, with a significant contract win expected to support revenue in 2025 [3] - The new energy vehicle segment saw a revenue increase of 4% year-on-year to 3.813 billion RMB in 2024, although the gross margin decreased by 6.0 percentage points due to intensified competition [3] Strategic Initiatives - The company is actively pursuing international expansion, including investments in Mexico and Thailand to enhance its presence in the North American and Southeast Asian markets [4] - Collaborations with research institutions for humanoid robot components are expected to drive innovation and market entry in this emerging field [4]